Dropbox (NASDAQ:DBX) Issues Quarterly Earnings Results

Dropbox (NASDAQ:DBXGet Rating) released its quarterly earnings data on Thursday. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01, Briefing.com reports. The business had revenue of $572.70 million for the quarter, compared to the consensus estimate of $571.27 million. Dropbox had a net margin of 15.19% and a negative return on equity of 112.42%. The company’s revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.24 earnings per share.

Dropbox Stock Down 1.8 %

Shares of Dropbox stock traded down $0.44 on Friday, hitting $23.55. The stock had a trading volume of 3,416,125 shares, compared to its average volume of 2,346,523. Dropbox has a one year low of $19.07 and a one year high of $33.00. The stock has a market cap of $8.85 billion, a price-to-earnings ratio of 26.46 and a beta of 0.84. The stock’s 50-day simple moving average is $22.06 and its two-hundred day simple moving average is $22.35.

Insider Buying and Selling

In related news, insider Bart Volkmer sold 11,270 shares of the firm’s stock in a transaction on Tuesday, May 17th. The stock was sold at an average price of $20.36, for a total value of $229,457.20. Following the completion of the sale, the insider now owns 353,143 shares of the company’s stock, valued at $7,189,991.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Dropbox news, President Timothy H. Young sold 15,000 shares of the firm’s stock in a transaction on Monday, July 25th. The stock was sold at an average price of $22.68, for a total transaction of $340,200.00. Following the completion of the transaction, the president now owns 1,617,257 shares of the company’s stock, valued at $36,679,388.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bart Volkmer sold 11,270 shares of the firm’s stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $20.36, for a total value of $229,457.20. Following the transaction, the insider now directly owns 353,143 shares of the company’s stock, valued at approximately $7,189,991.48. The disclosure for this sale can be found here. Insiders sold 96,086 shares of company stock valued at $2,055,883 over the last quarter. 25.05% of the stock is owned by company insiders.

Hedge Funds Weigh In On Dropbox

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Baupost Group LLC MA raised its position in shares of Dropbox by 30.6% in the 1st quarter. Baupost Group LLC MA now owns 10,571,046 shares of the company’s stock worth $245,777,000 after purchasing an additional 2,476,021 shares during the last quarter. Mackenzie Financial Corp raised its position in shares of Dropbox by 200.6% in the 1st quarter. Mackenzie Financial Corp now owns 209,760 shares of the company’s stock worth $4,877,000 after purchasing an additional 139,990 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Dropbox by 4.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,451,608 shares of the company’s stock worth $57,000,000 after purchasing an additional 115,502 shares during the last quarter. Eaton Vance Management raised its position in shares of Dropbox by 3.2% in the 1st quarter. Eaton Vance Management now owns 3,670,636 shares of the company’s stock worth $85,342,000 after purchasing an additional 113,180 shares during the last quarter. Finally, Blair William & Co. IL raised its position in shares of Dropbox by 233.0% in the 1st quarter. Blair William & Co. IL now owns 102,489 shares of the company’s stock worth $2,383,000 after purchasing an additional 71,708 shares during the last quarter. Hedge funds and other institutional investors own 61.40% of the company’s stock.

Analysts Set New Price Targets

Separately, Jefferies Financial Group lowered their price target on shares of Dropbox from $35.00 to $30.00 in a report on Monday, May 23rd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $30.75.

About Dropbox

(Get Rating)

Dropbox, Inc is a collaboration platform that’s transforming the way people and teams work together. It offers the following products: Dropbox Basic, Dropbox Plus, Dropbox Professional, and Dropbox Business. The Dropbox Basic is the simple, powerful home for photos, videos, documents, and other files.

Featured Articles

Earnings History for Dropbox (NASDAQ:DBX)

Receive News & Ratings for Dropbox Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Dropbox and related companies with MarketBeat.com's FREE daily email newsletter.